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Author Topic: Auction of MoneyPot.com the bitcoin gambling wallet  (Read 5790 times)
RHavar
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November 15, 2015, 12:40:20 AM
 #1

Note to players/casinos: Any change of ownership, or event that would have any impact or risks will be clearly announced significantly in advance.

Users balances, logs, ip addresses, deposit and withdrawal history will **NOT** be included in this sale



--
For those not familiar with the bitcoin gambling scene, MoneyPot.com is quite a popular bitcoin gambling wallet and service. It provides an API for casinos to run their own service, allows players to transfer money between casinos and provides a unified bankroll for investors. I started first working on it over a year ago, launching it in March this year.


The amount of workload I've had recently has become a bit unmanagable ( both in bitcoin gambling, and out of it), and I'm looking to lighten my workload up as much as possible by selling moneypot.com (And am not working on or for a competitor/successor of MoneyPot).


Furthermore, as MoneyPot accepts 3rd party bankroll investments, it is currently has attraced over 630 BTC of other peoples money, which could make this property very attractive to a scammer. As such, I am not willing to sell to a completely anonymous person.

All source code (node.js/postgres) and intellectual property rights are included. The domain moneypot.com has been in continuous use for bitcoin gambling, since July 2014 so it's well ranked and in itself has fielded offers of $10k USD

I am also willing to assist in migration of the site to the new owner to help make it a seemless transition.

As everyone loves charts:

Wagering statistics:

(Note: MoneyPot itself has made a bit over 35 BTC through comissions and cold deposit fees. I've also held >= 20% of the bankroll)


User growth (proper registration, not instant-account creation):



Auction Format

This will be a silent auction, terminating at midnight of 31st of November GMT. All offers need to be either PMd to me here, or emailed to ryan@moneypot.com  accompanied with a signed message showing you have enough money to make a serious bid.  Minimium bid is 50 BTC. I reserve the right to reject any and all bids. More than just the bid amount, I am especially interested in some of the soft qualities (who you are, what skills you have, what your plans are), and very-well might pick the bidder who didn't actually bid the most. =)

Payment method is bitcoin only (preferably an escrowed 2-3 multisig transfer).


Good luck! I look forward to hearing from you

Check out gamblingsitefinder.com for a decent list/rankings of crypto casinos. Note: I have no affiliation or interest in it, and don't even agree with all the rankings ... but it's the only uncorrupted review site I'm aware of.
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November 15, 2015, 02:09:12 AM
 #2

does this include just the software and domain or also the costarican entity and the associated gaming license? also, what about the other domains/software (socketbot, etc)?
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November 15, 2015, 03:01:38 AM
 #3

Sad to see you let go of MoneyPot. Was pretty surprised to see this auction up.
Always saw you as the right man for the job, as I trust you and this sort of thing
requires a large amount of trust.

Just make sure to keep it away from them scammers.

Regards,
JM Erestain
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November 15, 2015, 03:26:43 AM
 #4

Probably will not be making a bid (although I may), however I have been watching MoneyPot for a while, and would be curious to see what ends up happening with MoneyPot.

A couple of questions that someone who might be considering to buy your site might be wondering:

Can you give information on the costs/expenses that MoneyPot incurs?

Can you give information on how much MoneyPot (as a site) has earned over time? This is especially important because of the unique feature of having App devs (and having to pay them).

Can you explain the estimated profit that would be estimated to be earned by the site for every 100BTC that is wagered by gamblers making large (>0.25BTC) bets, and for every 100BTC that is wagered by gamblers making very small (<0.00001BTC bets)? (under current policies, and assuming that bankroll is 100% crowd funded, and assuming 100% luck for the casino overall)?

Would you be willing to sell a portion of the site (so someone could buy say 10% of the site, but not the bankroll)? 
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November 15, 2015, 04:02:21 AM
 #5

Probably will not be making a bid (although I may), however I have been watching MoneyPot for a while, and would be curious to see what ends up happening with MoneyPot.

A couple of questions that someone who might be considering to buy your site might be wondering:

Can you give information on the costs/expenses that MoneyPot incurs?

Can you give information on how much MoneyPot (as a site) has earned over time? This is especially important because of the unique feature of having App devs (and having to pay them).

Can you explain the estimated profit that would be estimated to be earned by the site for every 100BTC that is wagered by gamblers making large (>0.25BTC) bets, and for every 100BTC that is wagered by gamblers making very small (<0.00001BTC bets)? (under current policies, and assuming that bankroll is 100% crowd funded, and assuming 100% luck for the casino overall)?

Would you be willing to sell a portion of the site (so someone could buy say 10% of the site, but not the bankroll)? 

I think instead of trying to get him to portion out the site, it'd be better to just invest with others in a group situation.
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November 15, 2015, 04:09:12 AM
 #6

does this include just the software and domain or also the costarican entity and the associated gaming license? also, what about the other domains/software (socketbot, etc)?

All software and projects are included (including socketpot).

It does not however include the Costa Rican company (I like the protection it provides, and would prefer to keep it to run bustabit and pevpot under that entity), but if someone was willing to pay an extra ~$2k USD (the cost of me setting up a new company) + the legal fees of transferring it, I would be happy with transferring it. Or could come to some arrangement where bustabit/pevpot continue to run under that entity.



Can you give information on the costs/expenses that MoneyPot incurs?

My hard-costs are about ~450 USD a month in hosting. If I tried, I could probably knock that down considerably, but as it stands most of that goes to high quality database hosting I run it with a beefy and replicated setup (even losing a few minutes worth of data, could be horrific)

Quote
Can you give information on how much MoneyPot (as a site) has earned over time? This is especially important because of the unique feature of having App devs (and having to pay them).

MoneyPot has only directly made about 35 BTC from commissions. (Although I personally made another 56 BTC on the original 100 BTC I seeded the bankroll with). Throughout most of MoneyPot's existence I've been waiving commissions (including right this moment) to either help developers or investors. Honestly, commissions have made relation between developers and investors very tricky. On one hand there's sites like JustDice which offers (amortized) 90% of the house edge to investors. And there's other sites like PrimeDice which offers (amortized) 100% of the house edge to the owners. So I'm in a tricky situation where often app developers look at a site like PrimeDice and complain about not making a higher cut, whilst at the same time investors look at a site like JustDice and complain about making too low of a cut.

My general solution for this has typically been to waive commissions, especially after big events (e.g. BetterBets got hacked, so I waived app commissions for a while). I've been fortunate to have a pretty decent source of income from bustabit (~50 btc/month) and always held a >= 20% stake in MoneyPot's bankroll, so I've had the luxury of delaying the question of the best way to monetize it.

Probably the nicest thing about owning the site, is that you have no counter-party risk (which is probably the biggest reason to not invest in bankrolls). So you're able to own a large percent of the bankroll without too much worry. With a 10% fee on investor profits, you can use that to own more-and-more of it.


Quote
Would you be willing to sell a portion of the site (so someone could buy say 10% of the site, but not the bankroll)?  

Sorry, I'm really just looking to free up time.

Check out gamblingsitefinder.com for a decent list/rankings of crypto casinos. Note: I have no affiliation or interest in it, and don't even agree with all the rankings ... but it's the only uncorrupted review site I'm aware of.
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November 15, 2015, 05:12:36 AM
 #7

Its sad to see that you decided to auction the site.. I don't see anyone else capable enough to do what you did for the site, the investors and the devs.. But then again, real life is more important, and for that i salute you for it..

What happens if no one bids after the deadline? And incase someone bids and he/she got no competition, will he automatically win? Bidding 50btc is easy for big competitors of moneypot, Its gonna be sad to see some competitor site bidding for the site and winning, and just for the sake of abandoning it.. Every big business will do anything just to remove a competitor, even if it means spending and buying it..

Also what will happen to the current apps that are currently hosted or powered by moneypot if the new owner decides to just drop the project after buying it.

Again, its sad to see the site up on auction, And i salute you for what you did and have done for the bitcoin community. I wish you all the best in life.

Regards,
Uni

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November 15, 2015, 05:14:25 AM
 #8

Its sad to see that you decided to auction the site.. I don't see anyone else capable enough to do what you did for the site, the investors and the devs.. But then again, real life is more important, and for that i salute you for it..

What happens if no one bids after the deadline? And incase someone bids and he/she got no competition, will he automatically win? Bidding 50btc is easy for big competitors of moneypot, Its gonna be sad to see some competitor site bidding for the site and winning, and just for the sake of abandoning it.. Every big business will do anything just to remove a competitor, even if it means spending and buying it..

Also what will happen to the current apps that are currently hosted or powered by moneypot if the new owner decides to just drop the project after buying it.

Again, its sad to see the site up on auction, And i salute you for what you did and have done for the bitcoin community. I wish you all the best in life.

Regards,
Uni

I doubt someone would buy it and just trash the site. And since he's looking for reputable people, he would hopefully choose someone that wants to really boost the site up even more and promote it more heavily.
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November 15, 2015, 05:38:31 AM
 #9

Hi,

I'm not very fond of selling out real trusted companies/products. Have you considered alternative options like expanding and hiring people to help?

In any case, would you consider making public the site traffic analytics?

Regards

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November 15, 2015, 12:39:55 PM
 #10

Oh wow, did not really see this one coming but i understand where you are coming from. I am certain just holding up the site and managing the issues with app owners, users etc + the constant worrying is more than enough to be a full time job. And most likely one that does not leave a lot of free time.
Sorry to see it come to this (You were very trusted in handling the site, so it is sad to see that part go) but i hope you find "The right person" for it. Good Luck!



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November 15, 2015, 01:37:43 PM
 #11

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?
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November 15, 2015, 04:58:05 PM
 #12

We wish you best of luck RHavar and thanks for being a great admin of Moneypot, our team looks forward to the new business relationship with the chosen new owners.

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November 16, 2015, 12:11:51 AM
 #13

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?

if the site is earning alot then it won't be put up in auction..
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November 16, 2015, 12:37:10 AM
 #14

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?

if the site is earning alot then it won't be put up in auction..

He already said it's made 35 BTC since its start.
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November 16, 2015, 10:30:02 AM
 #15

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?

if the site is earning alot then it won't be put up in auction..

He already said it's made 35 BTC since its start.

Do you think thats enough to pay up the resources used.. Giveaway, electricity, etc..
IMO that profit ain't worth it to run a site for a long time..
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November 16, 2015, 10:33:57 AM
 #16

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?

if the site is earning alot then it won't be put up in auction..

He already said it's made 35 BTC since its start.

Do you think thats enough to pay up the resources used.. Giveaway, electricity, etc..
IMO that profit ain't worth it to run a site for a long time..

It's been up what, a year, so 6k earned. Not sure if that's profit but I believe it's gross. So $500/month average, depending on how much time was put into it. Each person has to value his own time, Smiley.
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November 16, 2015, 10:38:09 AM
 #17

How much site earned in last 1 week, 2 weeks and 1 month?

Is the site require work with it, or it just earning alone without big help?

if the site is earning alot then it won't be put up in auction..

He already said it's made 35 BTC since its start.

Do you think thats enough to pay up the resources used.. Giveaway, electricity, etc..
IMO that profit ain't worth it to run a site for a long time..

It's been up what, a year, so 6k earned. Not sure if that's profit but I believe it's gross. So $500/month average, depending on how much time was put into it. Each person has to value his own time, Smiley.

Does Moneypot show where the commission on investors go to? or is it just hidden and is sent to your own (MP OWNER) account? How much have you made from this per month average?

I'm sort of interested as an investor, and how goes the legal activities and licenses and such?

Regards,
Jm Erestain
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November 16, 2015, 01:01:57 PM
 #18

I would love to own a site like that, but sadly I lack the technical know how to run it properly Embarrassed. I also assume something like this would not be good for a US resident to own?
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November 16, 2015, 01:03:20 PM
 #19

I also assume something like this would not be good for a US resident to own?

Absolutely not. Someone actually got charged with a crime for developing poker software for someone in Europe. Even though he wasn't hosting the poker site himself, the U.S. government decided that by nature of him developing it, he was aiding someone else in a criminal activity.
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November 16, 2015, 01:14:48 PM
 #20

I also assume something like this would not be good for a US resident to own?

Absolutely not. Someone actually got charged with a crime for developing poker software for someone in Europe. Even though he wasn't hosting the poker site himself, the U.S. government decided that by nature of him developing it, he was aiding someone else in a criminal activity.

Pretty much what I had thought. That is why I just sit and hodl my coins rather than invest them into anything lol. I even attach a spreadsheet with links to every forum sale I make when claiming the income on my taxes! I know better than to mess with the govt when it comes to something like BTC...sadly. I hope he finds a legit buyer to keep things going.




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